Timken (NYSE:TKR) Releases FY24 Earnings Guidance

Timken (NYSE:TKR) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $6.00 to $6.20 for the period, compared to the consensus estimate of $6.21. The company issued revenue guidance of -4 to -3% yr/yr or $4.578 billion to $4.626 billion, compared to the consensus revenue estimate of $4.62 billion. Timken also updated its FY 2024 guidance to 6.000-6.200 EPS.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on TKR shares. KeyCorp boosted their price objective on shares of Timken from $95.00 to $104.00 and gave the company an overweight rating in a report on Thursday, May 23rd. Stifel Nicolaus lifted their price objective on Timken from $92.00 to $100.00 and gave the company a buy rating in a report on Wednesday, May 1st. Loop Capital raised their target price on shares of Timken from $78.00 to $87.00 and gave the stock a hold rating in a report on Wednesday, May 1st. Finally, Raymond James started coverage on shares of Timken in a report on Friday, June 28th. They issued a market perform rating for the company. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $87.91.

Timken Stock Down 3.6 %

NYSE:TKR traded down $3.05 on Friday, hitting $81.45. 632,330 shares of the company’s stock were exchanged, compared to its average volume of 529,101. The firm has a 50-day moving average price of $82.97 and a 200-day moving average price of $84.49. Timken has a 52 week low of $65.71 and a 52 week high of $94.71. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.95 and a quick ratio of 1.02. The company has a market cap of $5.71 billion, a P/E ratio of 15.52, a price-to-earnings-growth ratio of 1.81 and a beta of 1.46.

Timken (NYSE:TKR) last released its earnings results on Wednesday, July 31st. The industrial products company reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.03. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.18 billion. Timken had a return on equity of 16.36% and a net margin of 7.52%. Timken’s revenue was down 7.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.01 earnings per share. As a group, analysts expect that Timken will post 6.15 EPS for the current fiscal year.

Insider Activity at Timken

In other Timken news, CFO Philip D. Fracassa sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $89.76, for a total transaction of $897,600.00. Following the transaction, the chief financial officer now owns 105,541 shares of the company’s stock, valued at $9,473,360.16. The sale was disclosed in a document filed with the SEC, which is available through this link. 8.70% of the stock is currently owned by company insiders.

Timken Company Profile

The Timken Company designs, manufactures, and sells engineered bearings and industrial motion products, and related services in the United States and internationally. The company's Engineered Bearings segment provides various bearing products, including tapered, spherical, and cylindrical roller bearings; plain bearings, metal-polymer bearings, and rod end bearings; radial, angular, and precision ball bearings; thrust and specialty ball bearings; journal bearings; and housed or mounted bearings.